National Aluminium Company (NATIONALUM) Q4 25/26 earnings summary

Executive summary

• Achieved record operational and financial performance in FY 2025-26, surpassing previous bests in production, sales, and profitability across bauxite, alumina, aluminum, coal, and power generation.

• Maintained integrated operations and global cost leadership in bauxite and alumina, focusing on operational efficiency, cost reduction, and sustainable competitive advantage.

• Audited standalone and consolidated financial results for FY 2025-26 were approved with unmodified audit opinions.

Financial highlights

• Revenue from operations for FY 2025-26 grew to ₹17,843.05 crore, up from ₹16,787.63 crore in FY 2024-25.

• EBITDA increased 8.72% to ₹8,613 crore; PAT rose 9.22% to ₹5,816 crore year-over-year.

• CapEx for FY 2025-26 was ₹2,008 crore, exceeding the target by ₹400 crore.

• Employee costs declined 2% year-over-year, now 16% of total expenditure.

• Standalone net cash from operating activities for FY 2025-26 was ₹6,437.97 crore.

Outlook and guidance

• Alumina production and sales targeted at 2 lakh tons higher, aiming for 25 lakh tons in FY 2027.

• Aluminum metal production planned at 4.73 lakh tons, slightly above FY 2026 levels.

• CapEx to rise to ₹4,000 crore in FY 2027-28, peaking at ₹8,000-10,000 crore in subsequent years for smelter and power plant expansion.

• LME aluminium prices expected to average around $3,125/MT in CY 2026, influenced by geopolitical factors.

• Pay commission impact expected from January 2027, with a 10-15% increase in employee costs.